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US heads suggest recession easing US heads suggest recession easing
(9 minutes later)
US President Barack Obama and Federal Reserve head Ben Bernanke have said there are signs the slowdown is easing but underline that times remain tough.US President Barack Obama and Federal Reserve head Ben Bernanke have said there are signs the slowdown is easing but underline that times remain tough.
Mr Obama referred to "signs of economic progress" and Mr Bernanke talked of "tentative signs" that the rate of contraction was calming.Mr Obama referred to "signs of economic progress" and Mr Bernanke talked of "tentative signs" that the rate of contraction was calming.
But both men, speaking independently, said a recovery would take time.But both men, speaking independently, said a recovery would take time.
Their statements came after earlier data showed disappointing retail sales for March after two months of rises.Their statements came after earlier data showed disappointing retail sales for March after two months of rises.
Analysts had expected a rise in retail sales, so the figures indicated that consumers were still cautious about spending.Analysts had expected a rise in retail sales, so the figures indicated that consumers were still cautious about spending.
Mr Obama pointed to the US government's housing plan, the strengthening of the non-bank credit market and progress at the G20 as factors in helping to generate the economic progress. Mr Obama, who was speaking at Georgetown University, pointed to the US government's housing plan as a factor in boosting the economy, as the number of people refinancing their loans increased.
But he warned that 2009 would be a hard year for the US economy, when there would be more job losses, more repossessions and "more pain before it ends". He added that support for the auto and student loan markets had also contributed to an easing of credit conditions along with progress at this month's G20 meeting.
But he warned that more work needed to be done and that "credit was not flowing nearly as easily as it should".
He also said 2009 would be a hard year for the US economy, when there would be more job losses, more repossessions and "more pain before it ends".
Financial markets
And Mr Bernanke, who was talking to students at Moorehouse University in Atlanta, said: "A levelling out of economic activity is the first step towards recovery".
But he added: "We will not have a sustainable recovery without a stabilisation of our financial system and credit markets."
The central bank has reduced interest rates to near zero in a move to boost the economy and encourage spending.
But problems in the credit markets have continued to make borrowing for individual and firms hard and expensive.